,,ii  #aagth ,,congress  #ast ,session  
,s4 #bhcc  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,september #bc1
 #bjba,mr4 ,lee 7for himself and ,mr4   
,scott of ,florida7 introduced the      
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to amend the ,national ,flood  
,insurance ,act of #aifh to address the 
premium rates for certain properties    
under the ,national ,flood ,insurance   
,program1 and for other purposes4  #a4  
,short title ,this ,act may be cited as 
the ,,nfip ,underwater ,properties ,act4
  #b4 ,extreme repetitive loss          
structures  ,chapter ,i of the ,national
 ,flood ,insurance ,act of #aifh 7#db   
,u4,s4,c4 #djaa et seq47 is amended by  
adding at the end the following3  #acbf4
 ,extreme repetitive loss structures    
7a7 ,definition ,in this section1 the   
term extreme repetitive loss structure  
means a structure that-- 7#a7 is covered
 under a contract for flood insurance   

made available under this title2 and    
7#b7 has incurred flood-related damage  
for which1 during a #aj-year period1 not
 fewer than #b separate claims payments 
have been made under flood insurance    
coverage under this title1 with the     
cumulative amount of such claims        
exceeding #abj percent of the assessed  
value of the structure1 as of the date  
on which the first such claim payment is
 made4  7b7 ,treatment of structures    
,notwithstanding any other provision of 
this title1 if1 after the date on which 
a structure qualifies as an extreme     
repetitive loss structure1 the structure
 incurs flood-related damage for which a
 claim under flood insurance coverage   
under this title is filed with the      
,administrator-- 7#a7 the ,administrator
 shall assess the claim in accordance   
with the requirements of this title and 
any other applicable provision of law or
 regulation2 and  7#b7 after resolution 
of the claim-- 7,a7 the ,administrator  
shall prescribe a chargeable risk       

premium rate with respect to the        
structure that represents an actuarially
 sound rate2 and  7,b7 the rate         
described in subparagraph 7,a7 shall not
 be subject to the limitation under     
section #acjh7;e77#a71 unless-- 7i7 the 
,administrator-- 7,i7 performs an       
examination of the structure2 and       
7,,ii7 determines that the structure is 
not located in an area having special   
flood hazards2 or  7ii7 the most recent 
flood insurance rate map published by   
the ,administrator does not indicate    
that the structure is located in an area
 having special flood hazards4  4